119th Congress · introduced in the House · Apr 24, 2025
Protecting Prudent Investment of Retirement Savings Act
Official title from Congress.gov
Latest action (Jan 26, 2026): Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
View on Congress.govPolicy area: Labor and Employment
Congressional Research Service summary, version: Reported to House (Dec 30, 2025)
Protecting Prudent Investment of Retirement Savings Act
This bill modifies the requirements for fiduciaries of employer-sponsored retirement plans.
First, the bill generally requires a plan fiduciary to make investment decisions based solely on pecuniary factors (i.e., factors that a fiduciary prudently determines are expected to have a material effect on the risk or return of an investment based on appropriate investment horizons consistent with the plan's policies and objectives).
The bill allows nonpecuniary factors to be considered in certain situations, such as when selecting investment options for certain participant-directed retirement plans or if the fiduciary is unable to distinguish between investment alternatives on the basis of pecuniary factors alone.
The bill also prohibits a plan fiduciary from discriminating when selecting, monitoring, and retaining any fiduciary, counsel, employee, or service provider of the plan.
The bill requires a plan fiduciary to act solely and prudently in accordance with the interests of the plan's participants and beneficiaries when exercising a shareholder right (e.g., voting of proxies). However, the fiduciary duty to manage shareholder rights does not require the voting of every proxy or the exercise of every shareholder right.
Finally, the bill requires a plan fiduciary to provide specified notices with respect to a pension plan that provides a participant or beneficiary the opportunity to select from designated investment alternatives.
Show less of the summaryNo cosponsors.
Includes amendment, cloture, and procedural votes. Each is labeled with its exact question; only a passage question is a vote to pass the bill.
House · Jan 15, 2026 · Roll call 31 · Passed
House · Jan 15, 2026 · Roll call 30 · Failed
House · Jan 15, 2026 · Roll call 29 · Agreed to · Amendment vote
Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31). Roll call details
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 213 - 205 (Roll no. 31). Roll call details
On motion to recommit Failed by the Yeas and Nays: 206 - 210 (Roll no. 30). Roll call details
The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
Ms. Kaptur moved to recommit to the Committee on Education and Workforce. (text: CR H905)
The previous question was ordered on the amendment and the bill pursuant to the rule.
DEBATE - Pursuant to the provisions of H. Res. 988, the House proceeded with 10 minutes of debate on the Huizenga amendment No. 1.
DEBATE - The House proceeded with one hour of debate on H.R. 2988.
Rule provides for consideration of H.R. 2988, H.R. 2262, H.R. 2270, H.R. 2312 and H.R. 4366. The resolution provides for consideration of H.R. 2988 under a structured rule, and H.R. 2262, H.R. 2270, H.R. 2312, and H.R. 4366 under a closed rule. The rule provides for one hour of general debate and one motion to recommit on each bill.
Considered under the provisions of rule H. Res. 988. (consideration: CR H897-907; text of amendment in the nature of a substitute: CR H897-899)
Rules Committee Resolution H. Res. 988 Reported to House. Rule provides for consideration of H.R. 2988, H.R. 2262, H.R. 2270, H.R. 2312 and H.R. 4366. The resolution provides for consideration of H.R. 2988 under a structured rule, and H.R. 2262, H.R. 2270, H.R. 2312, and H.R. 4366 under a closed rule. The rule provides for one hour of general debate and one motion to recommit on each bill.
Placed on the Union Calendar, Calendar No. 367.
Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.
Reported (Amended) by the Committee on Education and Workforce. H. Rept. 119-421.
Ordered to be Reported (Amended) by the Yeas and Nays: 21 - 15.
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Education and Workforce.
Introduced in House
Introduced in House
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Business ethics · Employee benefits and pensions · Financial services and investments
LD-2 reports whose issue descriptions explicitly cite this bill (bill type and number validated against Congress.gov records). A citation does not establish the client's position or any contact with a member.
Loading lobbying reportsCoverage: reports for 2025 onward, posted Jan 1, 2025 through Oct 23, 2026.
44 citations; showing the 25 most recently posted.
INSURED RETIREMENT INSTITUTE · lobbying firm or registrant: INSURED RETIREMENT INSTITUTE
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 21, 2026 · issue area: Retirement
$180,000
Spent on own lobbying
…itutions Act of 2025 (S.424/H.R.1013 - 119th Congress). The GUARD Act (H.R.2978 - 119th Congress). The Protecting Prudent Investment of Retirement Savings Act (H.R.2988 - 119th Congress). The Retirement Proxy Protection Act (H.R. 1996 - 119th Congress). The Retirement Savings for Americans Act (S.1526/H.R.2696 - 119th Congress…
Congress stated in the filing; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN ASSOCIATION FOR JUSTICE · lobbying firm or registrant: AMERICAN ASSOCIATION FOR JUSTICE
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 20, 2026 · issue area: Labor Issues/Antitrust/Workplace
$1,580,000
Spent on own lobbying
…orts Act. H.R. 4312 SCORE Act. S.2932 Student Athlete Fairness and Enforcement Act. H.R.6350 - College Athletics Reform Act. H.R.5267 - American Franchise Act. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act. H.R.5169 - Retire through Ownership Act. H.R.4624 - Muhammad Ali American Boxing Revival Act of 2026…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
SIGNATORY WALL AND CEILING CONTRACTORS ALLIANCE · lobbying firm or registrant: LONGBOW PUBLIC POLICY GROUP, LLC
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 19, 2026 · issue area: Retirement
$40,000
Paid to lobbying firm
…eneral education concerning the need to extend two-pool withdrawal liability authorization to multiemployer defined benefit plans in the construction industry. H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act, legislation to amend ERISA requirements regarding consideration of pecuniary and non-pecuniary fa…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PRINCIPAL FINANCIAL GROUP · lobbying firm or registrant: PRINCIPAL FINANCIAL GROUP
2026 Q3 report (Jul 1, 2026 – Sep 30, 2026) · posted Oct 12, 2026 · issue area: Retirement
$468,000
Spent on own lobbying
…a federally-run defined contribution plan for private sector workers who lack access to or are ineligible for a workplace retirement plan from their employers. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act - This bill requires retirement plan fiduciaries to prioritize maximizing returns rather than politic…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICANS FOR FINANCIAL REFORM · lobbying firm or registrant: AMERICANS FOR FINANCIAL REFORM
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · amended · posted Jul 27, 2026 · issue area: Financial Institutions/Investments/Securities
$120,000
Spent on own lobbying
…sclosure, Constitutional issues PE and childcare H.R. 6967, the Public Company Advisory Committee Act H.R. 7085 on conflict minerals disclosures Proxy advisors H.R. 2988, Protecting Prudent Investment of Retirement Savings Act the Reward Work Act Stock buybacks Executive compensation Stock Buyback Accountability Act Insurance c…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PACIFIC LIFE INSURANCE COMPANY · lobbying firm or registrant: PACIFIC LIFE INSURANCE COMPANY
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 21, 2026 · issue area: Retirement
$480,000
Spent on own lobbying
…bmit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. H.R. 2988 Protecting Prudent Investment of Retirement Savings Act: This legislation clarifies the criteria for meeting the fiduciary duty of ERISA. H.R.3526, S.2867 Upli…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INSURED RETIREMENT INSTITUTE · lobbying firm or registrant: INSURED RETIREMENT INSTITUTE
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 20, 2026 · issue area: Retirement
$180,000
Spent on own lobbying
…stitutions Act of 2025 (S.424/H.R.1013-119th Congress). The GUARD Act (H.R.2978 - 119th Congress). The Protecting Prudent Investment of Retirement Savings Act (H.R.2988 - 119th Congress). The Retirement Proxy Protection Act (H.R. 1996 - 119th Congress). The Retirement Savings for Americans Act (S.1526/H.R.2696 - 119th Congress…
Congress stated in the filing; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN ASSOCIATION FOR JUSTICE · lobbying firm or registrant: AMERICAN ASSOCIATION FOR JUSTICE
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 20, 2026 · issue area: Labor Issues/Antitrust/Workplace
$1,840,000
Spent on own lobbying
…orts Act. H.R. 4312 SCORE Act. S.2932 Student Athlete Fairness and Enforcement Act. H.R.6350 - College Athletics Reform Act. H.R.5267 - American Franchise Act. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act. H.R.5169 - Retire through Ownership Act. H.R.4624 - Muhammad Ali American Boxing Revival Act of 2026…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PRINCIPAL FINANCIAL GROUP · lobbying firm or registrant: PRINCIPAL FINANCIAL GROUP
2026 Q2 report (Apr 1, 2026 – Jun 30, 2026) · posted Jul 14, 2026 · issue area: Retirement
$401,000
Spent on own lobbying
…a federally-run defined contribution plan for private sector workers who lack access to or are ineligible for a workplace retirement plan from their employers. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act - This bill requires retirement plan fiduciaries to prioritize maximizing returns rather than politic…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
NATIONAL TAXPAYERS UNION · lobbying firm or registrant: NATIONAL TAXPAYERS UNION
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 21, 2026 · issue area: Retirement
$30,000
Spent on own lobbying
S.1504Claiming Age Clarity Act - Social Security HR 2988Protecting Prudent Investment of Retirement Savings Act Rulemaking - Inclusion of Alts in 401(k) plan investments HR 6956BARCODE Efficiency Act
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PACIFIC LIFE INSURANCE COMPANY · lobbying firm or registrant: PACIFIC LIFE INSURANCE COMPANY
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Retirement
$420,000
Spent on own lobbying
…bmit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. H.R. 2988 Protecting Prudent Investment of Retirement Savings Act: This legislation clarifies the criteria for meeting the fiduciary duty of ERISA. H.R.3526, S.2867 Upli…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INSURED RETIREMENT INSTITUTE · lobbying firm or registrant: INSURED RETIREMENT INSTITUTE
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Retirement
$170,000
Spent on own lobbying
…Institutions Act of 2025 (S.424/H.R.1013-119th Congress). The GUARD Act (H.R.2978-119th Congress). The Protecting Prudent Investment of Retirement Savings Act (H.R.2988 - 119th Congress). The Retirement Proxy Protection Act (H.R. 1996 - 119th Congress). The Retirement Savings for Americans Act (S.1526/H.R.2696 - 119th Congress…
Congress stated in the filing; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
UNITED AUTOMOBILE AEROSPACE & AGRICULTURAL IMPLEMENT WORKERS · lobbying firm or registrant: UNITED AUTOMOBILE, AEROSPACE & AGRICULTURAL IMPLEMENT WORKERS
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Labor Issues/Antitrust/Workplace
$220,000
Spent on own lobbying
…rkers Education Act. Oppose H.R. 2270, the Empowering Employer Child and Elder Care Solutions Act. Oppose H.R. 2312, the Tipped Employee Protection Act. Oppose H.R. 2988, Protecting Prudent Investment of Retirement Savings Act. Support Healthy Families Act (H.R.7531).
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN ASSOCIATION FOR JUSTICE · lobbying firm or registrant: AMERICAN ASSOCIATION FOR JUSTICE
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Labor Issues/Antitrust/Workplace
$1,480,000
Spent on own lobbying
…orts Act. H.R. 4312 SCORE Act. S.2932 Student Athlete Fairness and Enforcement Act. H.R.6350 - College Athletics Reform Act. H.R.5267 - American Franchise Act. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act. H.R.5169 - Retire through Ownership Act. H.R.4624 - Muhammad Ali American Boxing Revival Act of 2026…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AARP · lobbying firm or registrant: AARP
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Financial Institutions/Investments/Securities
$3,830,000
Spent on own lobbying
…rity Act. H.R. 6425, the National Strategy for Combating Scams Act. H.R. 7215, the Stop SCAMS Act. S.1877/H.R.2441, the Improving Disclosure for Investors Act. H.R.2988, the Protecting Prudent Investment of Retirement Savings Act. S. 1699, Artificial Intelligence Public Awareness and Education Campaign Act. No bill number. Dis…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AFL-CIO · lobbying firm or registrant: AFL-CIO
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Retirement
$880,000
Spent on own lobbying
DOL - 2026 Retirement Fiduciary Rule DOL- Proposed rule to open up 401(k) retirement plans to alternative assets H.R. 2988 Protecting Prudent Investment of Retirement Savings Act H.R. 6084, the ERISA Litigation Reform Act H.R.6424 Social Security Survivor Benefits Equity Act H.R.78…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INVESTMENT COMPANY INSTITUTE · lobbying firm or registrant: INVESTMENT COMPANY INSTITUTE
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 20, 2026 · issue area: Retirement
$1,290,000
Spent on own lobbying
S 3086, Restoring Integrity in Fiduciary Duty Act HR 2869, EBSA Investigations Transparency Act HR 2958, Balance the Scales Act HR 2988, Protecting Prudent Investment of Retirement Savings Act HR 6084, ERISA Litigation Reform Act EO on Democratizing Access to Alternative Assets for 401(k) Inves…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PRINCIPAL FINANCIAL GROUP · lobbying firm or registrant: PRINCIPAL FINANCIAL GROUP
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 17, 2026 · issue area: Retirement
$970,000
Spent on own lobbying
…a federally-run defined contribution plan for private sector workers who lack access to or are ineligible for a workplace retirement plan from their employers. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act - This bill requires retirement plan fiduciaries to prioritize maximizing returns rather than politic…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS · lobbying firm or registrant: INTERNATIONAL BROTHERHOOD OF ELECTRICAL WORKERS
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 16, 2026 · issue area: Retirement
$157,860
Spent on own lobbying
The IBEW lobbied on the Protecting Prudent Investment of Retirement Savings Act (H.R. 2988), Digital Asset Market Clarity Act of 2025 (H.R. 3633), the GENIUS Act (S. 1582), and monitored legislative proposals seeking to annuitize defined-contribution…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
SIGNATORY WALL AND CEILING CONTRACTORS ALLIANCE · lobbying firm or registrant: LONGBOW PUBLIC POLICY GROUP, LLC
2026 Q1 report (Jan 1, 2026 – Mar 31, 2026) · posted Apr 10, 2026 · issue area: Retirement
$40,000
Paid to lobbying firm
H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act, legislation to amend the Employee Retirement Income Security Act of 1974 to specify requirements…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
PACIFIC LIFE INSURANCE COMPANY · lobbying firm or registrant: PACIFIC LIFE INSURANCE COMPANY
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Retirement
$290,000
Spent on own lobbying
…bmit annual reports to Congress on the status of its open employee plan audits and to explain why any audits open for more than 36 months have not been closed. H.R. 2988 Protecting Prudent Investment of Retirement Savings Act: This legislation clarifies the criteria for meeting the fiduciary duty of ERISA. S.1707 Helping Young…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INSURED RETIREMENT INSTITUTE · lobbying firm or registrant: INSURED RETIREMENT INSTITUTE
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Retirement
$240,000
Spent on own lobbying
…2023/2025 (S.955-118th Congress/H.R.1469-119th Congress). The GUARD Act (H.R.2978-119th Congress). The Protecting Prudent Investment of Retirement Savings Act (H.R.2988 - 119th Congress). The Retirement Proxy Protection Act (H.R. 1996 - 119th Congress). The Retirement Savings for Americans Act (S.1526/H.R.2696 - 119th Congress…
Congress stated in the filing; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
INVESTMENT COMPANY INSTITUTE · lobbying firm or registrant: INVESTMENT COMPANY INSTITUTE
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Retirement
$916,510
Spent on own lobbying
HR 2869, EBSA Investigations Transparency Act HR 2958, Balance the Scales Act HR 2988, Protecting Prudent Investment of Retirement Savings Act HR 5325, Unclaimed Retirement Rescue Plan HR 6084, ERISA Litigation Reform Act EO on Democratizing Acc…
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
AMERICAN ASSOCIATION FOR JUSTICE · lobbying firm or registrant: AMERICAN ASSOCIATION FOR JUSTICE
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Labor Issues/Antitrust/Workplace
$1,770,000
Spent on own lobbying
…orts Act. H.R. 4312 SCORE Act. S.2932 Student Athlete Fairness and Enforcement Act. H.R.6350 - College Athletics Reform Act. H.R.5267 - American Franchise Act. H.R.2988 - Protecting Prudent Investment of Retirement Savings Act. H.R.5169 - Retire through Ownership Act.
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing
CERES, INC. · lobbying firm or registrant: CERES, INC.
2025 Q4 report (Oct 1, 2025 – Dec 31, 2025) · posted Jan 20, 2026 · issue area: Financial Institutions/Investments/Securities
$100,000
Spent on own lobbying
H.R. 2988, Protecting Prudent Investment of Retirement Savings Act, the entire bill
Congress inferred from the report year; bill number and the title cited with it match Congress.gov records, and the bill predates the report. The amount is lobbying spending for every issue on this report, not this bill alone, and none of it is paid to any member of Congress. View filing